1 00:00:00,040 --> 00:00:04,240 Speaker 1: Stat's New Zealand numbers revised down our important numbers for 2 00:00:04,240 --> 00:00:06,240 Speaker 1: the year ending March there were two point twenty five 3 00:00:06,480 --> 00:00:09,760 Speaker 1: billion lower than thought. That's zero point five percent of GDP. 4 00:00:09,840 --> 00:00:11,440 Speaker 1: It's a lot to get wrong. Part of that's the 5 00:00:11,480 --> 00:00:14,560 Speaker 1: value of these cheap goods they've dropped. So it's all 6 00:00:14,560 --> 00:00:17,200 Speaker 1: the stuff from Shean and Timu and the average value 7 00:00:17,200 --> 00:00:19,560 Speaker 1: of parcels have dropped sharply. So Carolyn Young is Retail 8 00:00:19,600 --> 00:00:22,680 Speaker 1: New Zealand's Chief executive officer. Respect well, it's Carolyn, good morning. 9 00:00:24,160 --> 00:00:26,040 Speaker 1: Why we can't get my head around, and you might 10 00:00:26,079 --> 00:00:28,280 Speaker 1: be able to help us, is what are we seeing here? 11 00:00:28,320 --> 00:00:30,760 Speaker 1: Are we seeing a lot of us buying the stuff 12 00:00:30,760 --> 00:00:34,000 Speaker 1: online from China and that's dropped off, or are we 13 00:00:34,080 --> 00:00:36,400 Speaker 1: still buying the same amount but it's less of value 14 00:00:36,440 --> 00:00:38,239 Speaker 1: because everything's stupid? Do you know what's going on? 15 00:00:39,400 --> 00:00:42,720 Speaker 2: Yeah, Look, we are seeing a significant interest in people 16 00:00:42,760 --> 00:00:47,600 Speaker 2: buying goods from the likes of Timu, and you know 17 00:00:48,159 --> 00:00:50,879 Speaker 2: the price of their goods is lower, so STATS will 18 00:00:50,920 --> 00:00:54,600 Speaker 2: have been forecasting out goods have been freighted and at 19 00:00:54,600 --> 00:00:58,600 Speaker 2: a higher price effectively, But the volume that's coming through 20 00:00:58,640 --> 00:01:00,959 Speaker 2: now is just higher and a lot more people are 21 00:01:00,960 --> 00:01:04,160 Speaker 2: looking to those sites to buy goods rather than buying 22 00:01:04,160 --> 00:01:06,840 Speaker 2: goods in New Zealand, which of course is hurting our economy. 23 00:01:07,280 --> 00:01:09,520 Speaker 2: Is that you're going to buy from local businesses. You're 24 00:01:09,520 --> 00:01:11,800 Speaker 2: going to help New Zealand grow and help you know, 25 00:01:11,840 --> 00:01:15,000 Speaker 2: people have jobs and more money coming around in New Zealand. 26 00:01:15,080 --> 00:01:17,520 Speaker 2: So we're trying to encourage people to buy from New 27 00:01:17,600 --> 00:01:20,640 Speaker 2: Zealand stores. You know you've got those guarantees too, right, 28 00:01:21,120 --> 00:01:22,760 Speaker 2: you know, you know that the good is going to 29 00:01:22,760 --> 00:01:25,080 Speaker 2: meet the health and safety standards of New Zealand. You 30 00:01:25,160 --> 00:01:27,960 Speaker 2: know that. You know you've got Consumer Guarantees Act and 31 00:01:27,959 --> 00:01:31,000 Speaker 2: the Fair Trading Act's going to protect consumers. So really 32 00:01:31,000 --> 00:01:33,360 Speaker 2: important to try and keep the money in our economy 33 00:01:33,440 --> 00:01:34,760 Speaker 2: rather than shipping it off to China. 34 00:01:34,959 --> 00:01:38,399 Speaker 1: What's your vibe? Is this an economic thing? In other words, 35 00:01:38,440 --> 00:01:40,360 Speaker 1: I will buy the cheapest thing I can get my 36 00:01:40,440 --> 00:01:42,319 Speaker 1: hands on, or is it just I want to be 37 00:01:42,400 --> 00:01:45,319 Speaker 1: part of this fres soon around Timu Machine and those 38 00:01:45,360 --> 00:01:46,080 Speaker 1: sort of places. 39 00:01:47,000 --> 00:01:48,480 Speaker 2: I think it's a bit of both. You know, people 40 00:01:48,520 --> 00:01:52,400 Speaker 2: get onto those websites and they are and the nicest 41 00:01:52,440 --> 00:01:55,360 Speaker 2: possible way they have got the technology sorted to really 42 00:01:55,440 --> 00:01:57,920 Speaker 2: pull you in and get you to buy the next thing, 43 00:01:57,960 --> 00:01:59,480 Speaker 2: and the next thing and the next thing. And so 44 00:02:00,120 --> 00:02:02,360 Speaker 2: their prices are so cheap because they come straight from 45 00:02:02,400 --> 00:02:06,160 Speaker 2: a massive manufacturing plant. They offer things that you can't 46 00:02:06,200 --> 00:02:08,400 Speaker 2: necessarily get at the price in New Zealand, and people 47 00:02:08,440 --> 00:02:10,480 Speaker 2: think I might get that, and I get that, and 48 00:02:10,520 --> 00:02:12,400 Speaker 2: then you know, they tell a friend about it, and 49 00:02:12,400 --> 00:02:13,840 Speaker 2: then they go and have a look, and you know, 50 00:02:13,880 --> 00:02:15,760 Speaker 2: there's that fear of missing out is in there when 51 00:02:16,000 --> 00:02:18,720 Speaker 2: people start looking at this stuff. But ultimately a whole 52 00:02:18,720 --> 00:02:21,680 Speaker 2: lot of it ends up on landfill. So it's just 53 00:02:21,840 --> 00:02:24,000 Speaker 2: really hard on the whole New Zealand ecosystem. 54 00:02:24,320 --> 00:02:25,560 Speaker 1: Have you bought a La Boo Boo? 55 00:02:26,840 --> 00:02:28,440 Speaker 2: No? I haven't, I had to say, But I have 56 00:02:28,600 --> 00:02:32,480 Speaker 2: seen the ones that no Naomasaka has got at the 57 00:02:32,600 --> 00:02:34,320 Speaker 2: US Open. She has a new one every day that 58 00:02:34,360 --> 00:02:34,840 Speaker 2: she wins. 59 00:02:35,040 --> 00:02:37,240 Speaker 1: Yeah, there's something I don't know. But while I've got 60 00:02:37,240 --> 00:02:40,760 Speaker 1: you on slightly more important Issu's Smith's City kitchen things, 61 00:02:41,000 --> 00:02:43,440 Speaker 1: where are we at the retail cycle? How are we 62 00:02:43,480 --> 00:02:44,480 Speaker 1: at the bottom yet? 63 00:02:46,120 --> 00:02:48,240 Speaker 2: I'd like to think so, Mike, But we feel like 64 00:02:48,240 --> 00:02:51,200 Speaker 2: we've been saying that for a while. Look, you know, 65 00:02:51,600 --> 00:02:54,960 Speaker 2: obviously we've got another one or two cuts of the 66 00:02:55,000 --> 00:02:58,160 Speaker 2: official cash rate. We're really hoping that that will give 67 00:02:58,200 --> 00:03:01,720 Speaker 2: a boost. But the leg factor in these economic measures 68 00:03:01,760 --> 00:03:05,160 Speaker 2: and actually seeing a change in the economy is significant, 69 00:03:05,160 --> 00:03:08,400 Speaker 2: and it's much more than the economists for thinking hoping 70 00:03:08,440 --> 00:03:10,200 Speaker 2: that you know, by March next year we're going to 71 00:03:10,200 --> 00:03:12,720 Speaker 2: see a difference. But at the stage, you know, we 72 00:03:12,800 --> 00:03:16,400 Speaker 2: are hearing from some businesses they're seeing some green shoots, 73 00:03:16,960 --> 00:03:19,080 Speaker 2: but I think some of that is about the fact 74 00:03:19,080 --> 00:03:21,760 Speaker 2: that there's less businesses around, so you know, you're getting 75 00:03:21,760 --> 00:03:24,560 Speaker 2: a large share of a smaller pie, so to speak. 76 00:03:24,919 --> 00:03:27,040 Speaker 1: Good and so I appreciate it. Carol and Young Retail 77 00:03:27,080 --> 00:03:29,520 Speaker 1: News also that whole buy from New Zealand by local. 78 00:03:29,560 --> 00:03:31,760 Speaker 1: I mean, that's you're flogging a dead horse, aren't you. 79 00:03:32,040 --> 00:03:34,520 Speaker 1: As much as I hate to say it, But at 80 00:03:34,520 --> 00:03:37,000 Speaker 1: the end of the day, price wins every time, doesn't it. 81 00:03:37,120 --> 00:03:40,000 Speaker 1: For more from the Mic Asking Breakfast, listen live to 82 00:03:40,160 --> 00:03:43,200 Speaker 1: news talks. They'd be from six am weekdays, or follow 83 00:03:43,240 --> 00:03:44,760 Speaker 1: the podcast on iHeartRadio.